India’s Unified Payment Interface (UPI) transactions, via LankaQR, was officially introduced to Sri Lanka at a virtual launch held on Monday (12 Feb.).
The real-time payment system aims to enhance digital payments for Indian tourists in Sri Lanka.
India’s instant payment technology Unified Payment Interface (UPI) services were simultaneously launched in Sri Lanka and Mauritius on Monday, in the virtual presence of Indian Prime Minister Narendra Modi, President of Sri Lanka Ranil Wickremesinghe and Prime Minister of Mauritius Pravind Jugnauth.
According to the President’s Media Division (PMD), the initiative, led by the National Payments Corporation of India (NPCI) International Payments Limited & LankaPay Pvt Ltd, aims to rapidly expand, with 10,000 merchants set to accept UPI payments shortly after the launch.
By March 2024, this number will reach 65,000, providing a seamless payment solution for Indian tourists, the PMD reported.
On Sunday (11 Feb.), India’s foreign ministry had announced that the Unified Payment Interface (UPI) services and RuPay card services will be rolled out in Sri Lanka and Mauritius at a virtual ceremony on Monday, February 12.
“Indian Prime Minister Narendra Modi, President of Sri Lanka Ranil Wickremesinghe and Prime Minister of Mauritius Pravind Jugnauth will witness the launch of Unified Payment Interface (UPI) services in Sri Lanka and Mauritius, and also RuPay card services in Mauritius on February 12 at 1 PM via video conferencing,” the Indian Ministry of External Affairs (MEA) said.
A real-time payment system, the UPI has been developed by the National Payments Corporation of India (NPCI) to facilitate inter-bank transactions through mobile phones.
Similar to a Visa or Mastercard, RuPay is a global card payment network from India, with wide acceptance at shops, ATMs, and online platforms.
The launch of the Indian services in Sri Lanka and Mauritius is taking place amid New Delhi’s increasing bilateral economic ties with the two countries, and will enable the availability of UPI settlement services for Indian nationals travelling to Sri Lanka and Mauritius as well as for Mauritian nationals travelling to India.
“India has emerged as a leader in Fintech innovation and Digital Public Infrastructure. The prime minister has placed a strong emphasis on sharing our development experiences and innovation with partner countries,” the statement had said.
